JPMorgan Chase Closes ShapeShift Executive’s Accounts Without Prior Notice
JPMorgan Chase's closure of ShapeShift executive Houston Morgan’s business and personal accounts has reignited concerns over discriminatory banking practices toward crypto firms.
Summary
Houston Morgan, an executive at ShapeShift, reported that JPMorgan Chase closed his business account on November 21, with plans to close his personal account soon after. The actions, which occurred without prior notice, have raised concerns over 'Chokepoint 2.0'—a term used to describe alleged coordinated efforts to restrict crypto-related entities from accessing banking services.
Terms & Concepts
- ShapeShift: A cryptocurrency exchange platform enabling users to trade digital assets without creating an account.
- Chokepoint 2.0: A term used in the crypto industry to describe alleged coordinated efforts by banks or regulators to limit financial services to digital asset firms.